A Greater GOOD

Australia’s most generous philanthropist, Andrew “Twiggy” Forrest, was in Singapore in May when he and his wife Nicola announced that they had donated an additional A$655 million ($460 million) to their Minderoo Foundation, based in Perth. Their most recent giftbrings the couple’s total charitable outlays to A$1.5 billion ($1.05 billion).

- Christian Barker

Although the iron mining magnate’s visit was primarily to promote Global Rapid Rugby, the new Asian competition he launched in 2017, Forrest also chose to make public the news of his donation as a challenge and rallying cry to Asia’s wealthy. The region’s most fortunate—including his fellow Australians—need to raise their philanthropic game, he says.

Once Australia’s richest man, Forrest’s net worth peaked at $12.7 billion in 2008 when shares of his Fortescue Metals Group reached an all-time high. His net worth is now estimated at $7.5 billion, and he’s already told his three children— daughters Grace, 25, Sophia, 24, and son Sydney, 19—they won’t inherit that immense fortune because he wants to give it away. In an interview during his visit to Singapore, Forrest explained why and how he believes Asia’s wealthy can employ their resources and skills for the greater good.

FORBES ASIA: How do your children feel about your wealth going to charitable causes and not to them?